GBPAUD - is surging to higher levels
Trend Analysis: The GBPAUD currency pair on the 4 hours chart has been in an uptrend since 23 December 2019 when it registered the lowest price level of the period under study at 1.86504. Since then, the currency pair has been successfully forming higher tops and higher bottoms. At time of writing, the GBPAUD is moving around 1.94164 below the 20-period and 40-period simple moving average respectively. This reveals the buyers’ determination to pull the exchange rate of GBPAUD to higher levels.
Additionally, the oscillator analysis indicates positive sentiment for the GBPAUD. The 14 period RSI Oscillator (Relative Strength Index) is above the 50 level - a fact that shows that the buyers are in control of the market. The 23 period Momentum Oscillator is also above the 100 mark, which illustrates bullish movement in the currency pair.
When attaching the Fibonacci Retracement tool from the top at 1.93149 and dragging it to the bottom at 1.92372, three price targets may be calculated. The first target level is projected at 1.93629 (161.8%), which has been successfully reached. The second target level is estimated at 1.94406 (261.8%). The third target level is forecasted at 1.95663 (423.6.8%).
It remains to be seen how much lower the bears will manage to push the price of the GBPAUD.
Additionally, the oscillator analysis indicates positive sentiment for the GBPAUD. The 14 period RSI Oscillator (Relative Strength Index) is above the 50 level - a fact that shows that the buyers are in control of the market. The 23 period Momentum Oscillator is also above the 100 mark, which illustrates bullish movement in the currency pair.
When attaching the Fibonacci Retracement tool from the top at 1.93149 and dragging it to the bottom at 1.92372, three price targets may be calculated. The first target level is projected at 1.93629 (161.8%), which has been successfully reached. The second target level is estimated at 1.94406 (261.8%). The third target level is forecasted at 1.95663 (423.6.8%).
It remains to be seen how much lower the bears will manage to push the price of the GBPAUD.
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